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Inherited 25% of a house in Fort Worth. Taxes on that portion when sold?
My wife inherited 25% of a house from her mother when she died. Her father continued to live in the house for several years and now needs to sell it and move to assited living. What are the tax implications for the 25% she will get a closing - ~ $30,000.
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The sale has to be reported as a capital gain/loss on Schedule D. You need to determine what the Fair Market Value (FMV) of the house was when your mother died. The executor of the estate should know this; 25% of this FMV is your basis.
Bottom Line is that you will owe little, if any, tax. |
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